Answer:
Motivation and ability can positively reinforce each other. Persons having abilities search for the exposure and focus to start a new business. They take decisions logically with the personal courage and strive hard to acquire the necessary competencies to realize their dreams. Following competencies contribute towards effective performance and success
(i) Entrepreneur must take initiative to set up an enterprise.
(ii) Recognize the opportunities and grab them as early as possible.
(iii) Must strive for success.
(iv) He must collect important information.
(v) Entrepreneurs must set up quality standards.
(vi) Must be committed towards the completion of task.
(vii) Concern for conservation of time, money and effort.
(viii) Entrepreneurs must have ability to do product planning.
(ix) Must have ability to diagnose the problem and take required steps to solve it.
(x) Entrepreneur must be confident.
(xi) Conveying one's vision and convincing others of its values.
(xii) He must seek the support of others.
(xiii) Providing leadership.
(xiv) Ensuring the progress of venture.
(xv) Concern for employee's welfare.
On the other hand, motivation is required to understand because entrepreneur's objective is profit maximization and it can only be achieved when employees are motivated in such a manner that fulfillment of enterprise's objective may also lead to satisfy employees basic needs. In this way, entrepreneurship career proves to be a success for an individual motivation and ability both goes hand to hand.
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